Property Overview
276 Fernbank Avenue presents a unique opportunity in Winnipeg's Riverbend neighborhood. This 680 sqft bungalow, built in 1987, sits on a 3,901 sqft lot. Its most defining characteristic is its compact size, which places it well below the average for both the street and the wider area. The assessed value of $309,000 is notably lower than most neighboring homes, creating a distinct value proposition. The appeal here is rooted in affordability and efficiency. It suits first-time buyers seeking an entry point into a stable neighborhood, downsizers looking to reduce space and maintenance, or investors interested in a lower-cost rental property. A thoughtful perspective is that its smaller footprint and older vintage might mean lower utility costs and property taxes compared to larger, newer homes on the same street, offering a different kind of financial efficiency.
Frequently Asked Questions
1. Why is the assessed value significantly lower than neighboring homes?
The primary reason is the home's smaller living area, which is less than half the size of many comparable properties on Fernbank Avenue. Assessed value heavily considers square footage, so the compact size results in a lower valuation.
2. Is this a good option for a growing family?
Given the below-average living space, it may feel cramped for a family. It is better suited for individuals, couples, or those with a minimalist lifestyle who prioritize location and affordability over space.
3. How does the lot size compare?
The lot is slightly larger than the street average but smaller than the neighborhood and city averages. This means you have a decent outdoor space for the area, without the extensive maintenance of a much larger yard.
4. What does the sale history indicate?
The home sold between $350,000 and $400,000 in late 2023. This suggests the market price was higher than the current assessed value, a common occurrence, and indicates buyer demand for well-priced homes in the area.
5. Are there major renovation considerations due to its age?
Built in 1987, the home is older than most on its street but is around the city's average age. A buyer should budget for potential updates to roofing, windows, or major systems that are nearing the end of a typical 30-40 year lifespan.